Weekly Updates from CA Cult (June 2022- Third Week)

Weekly Updates from CA Cult (June 2022- Third Week)

Important Updates from last week:

Income-tax

1. Income Tax Department aims to spread tax literacy among children through games, puzzles and comics.
2. Cost Inflation Index for the Financial Year 2022-23.
3. Notification of the transfer of capital asset from NTPC Limited , being transferor public sector company, to NTPC Green Energy Limited, being transferee public sector company for the purposes of clause (viiaf) of section 47 of the Income tax Act, 1961.
4. Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961.
5. No deduction of tax under section 194-I of the Income-tax Act.
6. New Rule 21AIA inserted in the Income-tax Rules.
7. Net Direct Tax collections for the Financial Year 2022-23 grown at over 45%.
8. Income Tax Department conducts searches in J&K and Delhi.
9. Safe Harbour rules for the Assessment Year 2022-2023 for the purposes of Income-tax Act, 1961.

CBIC

1. ADD on Fluoro Backsheet excluding transparent Backsheet- NOTIFICATION No. 22/2022-Customs (ADD).
2. Procedure relating to Sanction, post-audit and review of refund claims.

Corporate Law (MCA)

1. New regulations inserted in Insolvency Resolution Process.
2. Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022.
3. Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022.
4. Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022.
5. Report of the Insolvency Law Committee, May, 2022.
6. NFRA Rule 13 – Punishment in case of non-compliance.

Directorate General of Foreign Trade (DGFT)

1. Amendment in Paragraph 2.79F in the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 to lay down the procedure for Global Authorization for Intra-Company Transfer (GAICT) of SCOMET items/software/technology- PUBLIC NOTICE No. 14 /2015-20.
2. Inclusion of provisions in continuation to Public Notice No. 10/2015-20 dated 24.05.2022- PUBLIC NOTICE No. 15 / 2015-20.

Reserve Bank of India (RBI)

1. Bank finance to the Government-owned entities.
2. Processing of e-mandates for recurring transactions.
3. The Sovereign Gold Bond (SGB) Scheme 2022-23.
4. Reserve Bank of India (RBI) lifts the business restrictions imposed on Mastercard Asia / Pacific Pte. Ltd.
5. RBI releases Draft Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2022 under Section 45 W of the RBI Act, 1934.
6. RBI press release on the Payments Vision 2025.

Securities and Exchange Board of India (SEBI)

1. Nomination for the Mutual Fund Unit Holders.
2. Notification regarding amendment in relevant Acts for designation of special courts in Jammu and Kashmir.

Insurance Regulatory and Development Authority of India (IRDAI)

1. Solvency Margin for Crop Insurance Business.
2. Accounting of Premium, claims and related expenses on estimation basis.

Institute of Chartered Accountants of India (CA Fraternity)

1. Corrigendum to the ICAI Notification No. CA(7)/203/2022 dated 08.06.2022.
2. List of Organizations participating in Career Ascent.
3. Code of Conduct for Bye-election to the 25th Council.
4. Notification about the sale of list of voters.
5. Guidelines for filling Nomination Form by Candidates.
6. Notification No. 2 – Important Dates relating to bye-election.
7. Notification No. 3 on Inviting nominations for bye-election.
8. Notification No. 4 on Fee for filing nomination.
9. Notification No. 5 on the Security deposit.
10. Notification No. 6 on the Dates and timings of polling.
11. Announcement on Availability of Blank Nomination form.
12. Chartered Accountants (Election to the Council) Rules, 2006.
13. Know Your Polling Booth Details.
14. Form for permission to Vote by Post Under Rule 28.
15. Notification for Online Assessment Test (AT) for Certificate Course on Derivatives for the following dates through Digital learning Hub Organized by Committee on Financial Markets and Investors’ Protection of ICAI.
16. Notification for Online Assessment Test (AT) for Certificate Course on Financial Market and Securities Laws 16th & 17th July 2022.
17. Announcement – Launch of ‘Certificate Course on Indian Accounting Standards (Ind AS)’ (Online Batch 35).

OTHER UPDATES:

1. New Delhi International Arbitration Centre Rules.
2. Centre directs E-commerce food business operators to submit proposal on improving consumer grievance redressal mechanism within 15 days.

Blog of the Week: Cases where filing of the Income Tax Return is mandatory: https://cacult.com/cases-where-filing-of-the-income-tax-return-is-mandatory/

Videos of the Week:

1. Online application process for Import Export Code (IEC) : https://www.youtube.com/watch?v=Nnzr8u3CCtQ&t=612s
2. Cases where filing of the Income Tax Return is mandatory: https://www.youtube.com/watch?v=ALXXxwbaImE&t=1s

Check out our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA